Monday, August 25, 2008

IFRS - SEC the date

The CFO Magazine published an article today on the forthcoming meeting this Wednesday. The article SEC to Reveal IFRS Start Dates This Week is written by Sarah Johnson. The article states that
On Wednesday, the Securities and Exchange Commission will propose a date for U.S. companies to be allowed to convert to international financial reporting standards.

I did not get out of the Notice that came out last Friday that there would be a definitive statement about the dates for IFRS adoption. It seemed to me that there might be various proposals put forward for discussion. (See my post from Friday). Of course I may be wrong about this. The Notice stated that:

The Commission will consider whether to propose (emphasis added) a Roadmap for the potential use by U.S. issuers for purposes of their filings with the Commission of financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. As part of the Roadmap, the Commission will also consider whether to propose (emphasis added)amendments to various rules and forms that would permit early use of IFRS by a limited number of U.S. issuers.

I am awaiting the discussion with a lot of interest. We do not have long to wait. Hope that it does not get muted by the hoopla of the Democratic Convention.

Let's hope that the product of this will be a set of proposals that are put out for public debate. All this affects us in Canada. I believe that the impetus toward IFRS will be significantly ramped up if the US comes on side with IFRS. I would expect too that the IFRSs themselves would be significantly reinforced. This has, of course, already started as the IASB and FASB work toward their convergence projects.

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